Market Cap : 130.71 B | Enterprise Value : 138.56 B | PE Ratio : 29.20 | PB Ratio : 3.31 |
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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
S&P Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for S&P Global's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of S&P Global was 9. The lowest was 1. And the median was 7.
The historical data trend for S&P Global's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Financial Data & Stock Exchanges subindustry, S&P Global's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Capital Markets industry and Financial Services sector, S&P Global's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where S&P Global's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 797 + 675 + 1235 + 972 = $3,679 Mil. Cash Flow from Operations was 967 + 940 + 222 + 454 = $2,583 Mil. Revenue was 2087 + 2088 + 2389 + 2993 = $9,557 Mil. Gross Profit was 1544 + 1496 + 1640 + 1982 = $6,662 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (13398 + 14111 + 15026 + 66092 + 64323) / 5 = $34590 Mil. Total Assets at the begining of this year (Jun21) was $13,398 Mil. Long-Term Debt & Capital Lease Obligation was $11,408 Mil. Total Current Assets was $6,235 Mil. Total Current Liabilities was $4,958 Mil. |
Net Income was 455 + 454 + 755 + 798 = $2,462 Mil. Revenue was 1846 + 1867 + 2016 + 2106 = $7,835 Mil. Gross Profit was 1329 + 1301 + 1489 + 1573 = $5,692 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (11105 + 11452 + 12537 + 12830 + 13398) / 5 = $12264.4 Mil. Total Assets at the begining of last year (Jun20) was $11,105 Mil. Long-Term Debt & Capital Lease Obligation was $4,608 Mil. Total Current Assets was $6,932 Mil. Total Current Liabilities was $3,315 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
S&P Global's current Net Income (TTM) was 3,679.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
S&P Global's current Cash Flow from Operations (TTM) was 2,583.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Jun21) |
= | 3679 | / | 13398 | |
= | 0.27459322 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 2462 | / | 11105 | |
= | 0.22170194 |
S&P Global's return on assets of this year was 0.27459322. S&P Global's return on assets of last year was 0.22170194.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
S&P Global's current Net Income (TTM) was 3,679. S&P Global's current Cash Flow from Operations (TTM) was 2,583.
==> 2,583 <= 3,679 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 11408 | / | 34590 | |
= | 0.3298063 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 4608 | / | 12264.4 | |
= | 0.3757216 |
S&P Global's gearing of this year was 0.3298063. S&P Global's gearing of last year was 0.3757216.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 6235 | / | 4958 | |
= | 1.25756353 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 6932 | / | 3315 | |
= | 2.09110106 |
S&P Global's current ratio of this year was 1.25756353. S&P Global's current ratio of last year was 2.09110106.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
S&P Global's number of shares in issue this year was 339.3. S&P Global's number of shares in issue last year was 241.8.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 6662 | / | 9557 | |
= | 0.69708067 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 5692 | / | 7835 | |
= | 0.72648373 |
S&P Global's gross margin of this year was 0.69708067. S&P Global's gross margin of last year was 0.72648373.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jun21) |
= | 9557 | / | 13398 | |
= | 0.71331542 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 7835 | / | 11105 | |
= | 0.70553805 |
S&P Global's asset turnover of this year was 0.71331542. S&P Global's asset turnover of last year was 0.70553805.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
S&P Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of S&P Global's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Evans Gay Huey | director | SHIPPING & RECEIVING CENTER 16930 PARK ROW DR. HOUSTON TX 77084 |
Esculier Jacques | director | C/O AMERICAN STANDARD COMPANIES INC ONE CENTENNIAL AVENUE PISCATAWAY NJ 08855 |
Moore Sally | officer: EVP, Strategic Alliances | 55 WATER STREET NEW YORK NY 10041 |
Kansler Adam Jason | officer: President, Market Intelligence | C/O MARKIT LTD, 4TH FL, ROPEMAKER PLACE 25 ROPEMAKER STREET LONDON X0 EC2Y 9LY |
Tavernier Edouard | officer: Head of Global Transportation | C/O IHS MARKIT LTD., 4TH FLOOR ROPEMAKER PLACE, 25 ROPEMAKER STREET LONDON, ENGLAND X0 EC2Y 9LY |
Kelly Robert P | director | ONE MELLON CENTER PITTSBURGH PA 15258-0001 |
Mcwhinney Deborah D | director | PO BOX 40 EAST BROADWAY BUTTE MT 59701 |
Washington Gregory N | director | 55 WATER STREET 45TH FLOOR NEW YORK NY 10041 |
Saha Saugata | officer: President, S&P Global Platts | 55 WATER STREET NEW YORK NY 10041 |
Livingston Ian Paul | director | 55 WATER STREET NEW YORK NY 10041 |
Draper Daniel E | officer: CEO, S&P Dow Jones Indices | 55 WATER STREET NEW YORK NY 10041 |
William Amelio J. | director | C/O CHC GROUP LTD. 190 ELGIN AVENUE, GEORGE TOWN GRAND CAYMAN E9 KY1-9005 |
Craig Christopher | officer: SVP and Controller | 55 WATER STREET LEGAL DEPARTMENT NEW YORK NY 10041 |
Manis Dimitra | officer: Chief People Officer | 55 WATER STREET S&P GLOBAL, 45TH FLOOR NEW YORK NY 10041 |
Leroux Monique F. | director | S&P GLOBAL INC. 55 WATER STREET NEW YORK NY 10041 |
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